Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-12-07

mans TO- the disbursement OF th'
sseess of our revenues; but those bond!
ave all been retired, and there are n(
bonds outstanding, the payment OF which
we have right to insist uCon. The COL
tribution to the sinking fund which fur
nishes the occasion for expenditure In Z
purchase of bonds has been already made
for the current year, so that there Is nc
outlet in that direction.
In the present state OF legislation the
only pretense of any existing executive
power to restore, at this time, any part oi
our surplus revenues to the people by It's
expenditure consists in the supposltlon
that the Secretary of the Treasury may
enter the market and purchase the bonds
of the Government not vet due at a rate OF
premium to be agreed upon. The only
provision of law from which such power
could be derived, is found in an approprla-
ton bill passed number OF years ago,
and it is subject to the suspicion that It
was temporary and limited in its appllca-
ton, instead of couferring a continuing
discretion and authority. No condition
ought to exist which would justify the
grant of power to single official, upon ms
Judgment of its necessity, TO withhold
from or release to the
BUSINESS FTHE PEOPLE
in an unusual manner, money held IN the
Treasury, and thus affect, at his will, the
financial situation of the country, and II 1t
is deemed wise to lodge in the Secretary
of the Treasury the authority In the
present juncture to purchase bonds, 1t
should be plainly vested, and provided as
far as possible, with such checks and llml-
tations IS will detre this officials right
and discretion, and at the same time re-
lieve him from undue responsibility.
In considering the question Of purchas-
ing bonds as a means of restoring to cir
cu!ation the surplus money accommodating
in the Treasury, it should be borne in mind
that premiums must be paid upon such
purchase, that there may be large part OF
these bonds held as investments which
cannot be purchased at any price, and
that combinations among holders who
are willing to sell, may unreas-
opably enhance the cost Of such bonds to
the Government 1t has been suggested
that the present bonded debt might ne re-
funded at a less rate Of interest and the
difference between the old and new securi-
ty paid in cash, thus finding use for the
surplus in the Treasury. The success OF
this plan, it is apparent, must depend up
On the volition OF the holders Of the pres
ent bonds; and it is not entirely certain
that the inducemeut which must be offered
them would result in more financial benefit
to the Government than the purchase OF
bonds, while the latter proposition would
reduce the principal of the debt by actual
payment, instead of extending it. The
to deposit the money held by
the Government in banks throughout the
tor use by the people is, 1t seems
to me, exceedingly Objectionable in Prin-
ciple, as establishing
TOO CLOSE EELATIONSHIP
between the operations of the Government
Treasury and the business of the country,
and too extensive a comminglng OF their
thus fostering an unnatural rell-
ance in private business upon public
funds. If fthis scheme should be adopted
il should only be done as 4 temporary e1-
pedieut to meet an urgent necessity. Leg
Islative and executive effort should gener
ally be IN the opposite direction, and
should have a tendency to divorce, as
much and as fast AZ can safely be done,
the Treasury Department from private
business.
OF course it is not expected that unnec-
.ssary and extravagant appropriations will
ne made for the purpose of avoiding the
Of an excess OF revenue.
Such expenditure, beside the demorallEa-
ton OF all Just conceptions of public duty
" hich il entails, stimulates habit OF
reckless imProvidence not in the least
consistent with the mission Of our people
or the high and benefcent purposes OF our
government.
Ihave deemed it my duty to thus bring
to the knowledge OF my countrymen, as
well as 10 the attention OF their represen-
tatiyes charged with the responsibility CT
legislative relief, the gravity of our fnau-
cial situation. The failure of Congress
heretofore to provide against the dangers
which il was quite evident the very nature
of the difficulty must necessarily produce,
caused condition of financial distress and
apprehension since your last adjournment,
which taxed to the almost all the authority
ard pxpedients within executive control;
and these appear now to be exhausted. II
disaster results from the continued inaction
of Congress, the responsibility must rest
where it belongs. Though the situation
thus far considered, is fraught with danger
which should be fully realized, and though
It
PRESENTS FEATURES OF WRONG
to the people as well as peril to the coun,
try, it is but result growing out of per-
fectly palpable and apparent cause, con-
stortIv renroHucjng the same alarming